Happy Monday, Small Business Owner. Today’s clips include SBA loans going to publicly traded companies, governors’ plans to reopen, continued COVID-19 coverage, and more…
Now more than ever, small business needs a voice at your state capital and in Washington DC. So much so that I want you to determine your own membership fee for this year. Also, if you are a member and your business or industry has not been hit as hard with COVID-19 consider paying for a membership for your neighboring business. This is a pivotal election this year and will determine the future of small business for generations. Please PM/contact me for details.
Courthouse News Service reports on the second round of funding for SBA loans but notes that small businesses are frustrated that publicly traded companies received funding. “It’s certainly easier for the banks to facilitate loans when they have strong relationships with clients…but that wasn’t in the spirit of the loan program,” said NFIB Director of Research and Policy Analysis Holly Wade.
· Rummell quotes NFIB President Brad Close’s statement on large companies receiving SBA loans: “Publicly traded companies did not access the money on their own…The legislation lacked strong guardrails, leaving an opening for big business, and allowing large financial institutions to help their bigger clients access money intended for real small businesses.”
The Huffington Post’s Arthur Delaney highlights worksharing, or short-time compensation, which means that instead of laying off a portion of its workers, a company can reduce their hours, and the unemployment insurance system pays for the missing time. Senior Executive Counsel Beth Milito spoke with Delaney about how the program is not well-known, so very few workers are enrolled, noting that she’s “mentioned worksharing in webinars about the various government initiatives available, but hasn’t received a single direct inquiry from a business owner about how to apply for it… it might seem overly complicated for a small business without an HR department.”
Click image to enlarge and see what Terry Scott, NFIB Membership Rep says about NFIB...
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